2 Scull St · Newport, RI 02835

$1,250,000

3 bd · 2.0 ba · 1,492 sqft · SingleFamily public records · 5 Days on market

Built 1984 0.74 ac lot Est $840k · 49% over

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.6/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2 Scull Street an opportunity to own a beautifully reimagined coastal retreat in the heart of Jamestown, offering the perfect blend of luxury living and exceptional income potential. With a proven track record as a successful short-term rental projected to generate approximately $85,000 $90,000 annually, this property is as compelling an investment as it is a place to call home. Completely renovated in 2024, this turnkey 3-bedroom, 2-bath residence showcases sophisticated finishes, modern amenities, and timeless coastal style. Tucked away at the end of a quiet dead-end street, the home enjoys a private setting on nearly three-quarters of an acre. The expanded front porch welcomes

Key facts

• Designer kitchen
• Backyard oasis
• Expanded front porch

Tags

• SUCCESSFUL SHORT-TERM RENTAL
• COMPLETELY RENOVATED
• PRIVATE SETTING
• EXPANDED FRONT PORCH
• DESIGNER KITCHEN
• BACKYARD OASIS

Property features AI

Finance

• Other: Lot approximately 0.74 acres

Exterior

• Parking: No garage; 6 total parking spaces
• Security: Owned security system
• Utilities: Electric with circuit breakers; Well water; Septic tank
• Home design: 2 stories; Combination foundation
• Construction: Drywall; Aluminum siding; Masonry
• Exterior features: Deck; Porch; Patio; Barbecue

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Range hood; Exhaust fan; Water heater
• Flooring: Ceramic tile; Hardwood; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Electric heating; Radiant heating; Zoned heating; Central air conditioning
• Interior features: Attic; Cedar closet(s); Interior steps; Stall shower; Has fireplace with a free-standing unit; Full, partially finished basement with both interior and exterior access
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $-5k ($-65k/yr) — negative.
• To cash-flow at today's rent, offer at most $299k (76.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (78.8% below list).
• Recommended offer: $265k (78.8% below list) — sets the bar for 1% rule.
• Cap rate 1.1% vs local median 2.1% in Newport — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 78/100 on livability (#5 in RI, #2,367 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, cost of living F.
• Jamestown (suburban): math 51% / reading 68% proficiency, ranked #2 of 39 in RI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 27y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $524k; list at $1.25M implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,000 (78.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.21% ✗
• Cap rate: 1.13%
• Cash-on-cash: -18.45%
• DSCR: 0.18
• GRM: 39.3

CMA / ARV

• ARV (on-the-fly): $839,996
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
80 Spindrift St	0.30mi	3/1.5	1,487 (-0%)	2mo	$849,000	$571	82
58 Stern St	0.16mi	2/2.5 (-1)	1,640 (+10%)	9mo	$1,120,000	$683	61
45 Beach Ave	0.23mi	3/1.5	1,344 (-10%)	13mo	$756,000	$563	60
43 Mast St	0.20mi	2/2.5 (-1)	1,680 (+13%)	12mo	$720,000	$429	53
31 Stanchion Ave	0.59mi	2/1.0 (-1)	1,544 (+4%)	6mo	$815,000	$528	52
88 Bow St	0.30mi	3/2.0	1,649 (+10%)	20mo	$925,000	$561	52
121 Steamboat St	0.41mi	3/2.0	1,288 (-14%)	19mo	$900,000	$699	42
30 Steamboat St	0.38mi	3/1.0	1,701 (+14%)	21mo	$675,000	$397	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -53.8%
• Equity multiple: -0.56×
• Total profit: $-545,972
• Equity at exit: $186,379

10-year hold

• IRR: —
• Equity multiple: -1.63×
• Total profit: $-919,502
• Equity at exit: $108,077

Cash invested: $350,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 31 Tenant-Leaning
• State Rhode Island: 31 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

30-day notice; strong tenant protections.

Methodology + full state rankings →

ZIP-level market 02835

• Active inventory: 62
• Price-to-rent: 39.3×

Monthly cashflow live

• Estimated rent: $2,650 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$399 /mo · $4,787/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $-5,381

Break-even live

Break-even rent $9,462

Max offer price $299,355

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
67 Buoy St Jamestown, RI	2.0	2.0	1440	$2,650	$1.84	24d	1	0.65mi

Listing history 5 events

1. 2026-06-07
   status $1,250,000 Pending 5 DOM
2. 2026-06-03
   days on market $1,250,000 Active 5 DOM
3. 2026-06-02
   days on market $1,250,000 Active 4 DOM
4. 2026-06-01
   days on market $1,250,000 Active 3 DOM
5. 2026-05-31
   days on market $1,250,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast RI · Partial reset (capped growth)

• Current annual tax: $4,787 · $399/mo
• Projected year-2 tax: $12,581 · $1,048/mo
• Expected delta: +$7,794/yr (+$649/mo · 162.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥89°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,800
• − Mortgage interest: −$70,019
• − Property taxes: −$4,787
• − Insurance: −$6,250
• − Repairs & maintenance: −$2,544
• − Management: −$2,544
• − Depreciation: −$36,364
• Taxable loss: −$90,708
• Est. tax savings @ 24.0%: +$21,770
• After-tax cash flow: $-42,807/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Jamestown
• NCES district ID: 4400510
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 68% ▲ 5.00%
• Median HH income: $88,929
• Composite: 54.32/100
• National rank: #1368
• State rank: #2 of 39 in RI

Livability — Newport

• Score: 78/100
• State rank: #5
• US rank: #2367

Category grades

Amenities A+ Commute A+ Cost of living F Crime B+ Employment B- Housing C+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 23,448
• Population (ZIP): 5,545

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5%
• Common ancestry: Russian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -265.83%
• Current HPI: 388.7836
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.25%
• F500 in state: 10

Industry mix (Fortune 500 HQ in RI)

Industry	F500 HQs	Revenue
▸Healthcare	1	$373B
▸Food Distribution	1	$31B
▸Aerospace / Defense	1	$14B
▸Financial Services	1	$8B
▸Consumer Goods	1	$4B

Price history

+657.6% since first listed

39 events — show timeline

• 2026-05-29 Listed $1,250,000 RIS
• 2024-10-16 Rental Removed $3,900 RIS
• 2024-09-05 Price Changed $3,900 RIS
• 2024-09-04 Listing Removed — RIS
• 2024-08-08 Listed for Rent $4,700 RIS
• 2024-08-02 Price Changed $1,250,000 RIS
• 2024-07-24 Listed $1,295,000 RIS
• 2024-07-23 Listing Removed — RIS
• 2024-06-03 Contingent — RIS
• 2024-05-27 Listed $1,295,000 RIS
• 2024-05-08 Listing Removed — RIS
• 2024-04-10 Price Changed $1,395,000 RIS
• 2024-03-20 Listed $1,495,000 RIS
• 2019-09-03 Sold (Public Records) $524,000 Public Records
• 2019-09-03 Sold (MLS) $524,000 RIS
• 2019-08-02 Contingent — RIS
• 2019-06-17 Price Changed $529,000 RIS
• 2019-05-11 Price Changed $539,000 RIS
• 2019-03-21 Listed $547,000 RIS
• 2017-07-01 Listing Removed — RIS
• 2017-03-07 Listed $549,000 RIS
• 2016-11-08 Price Changed $560,000 RIS
• 2009-08-03 Sold (MLS) $385,000 RIS
• 2009-04-24 Listing Removed — RIS
• 2009-04-03 Listed $399,000 RIS
• 2008-10-27 Listing Removed — RIS
• 2008-08-09 Listed $560,000 RIS
• 2008-08-08 Listing Removed — RIS
• 2007-08-03 Listed $585,000 RIS
• 2001-10-31 Sold (Public Records) $294,000 Public Records
• 2001-06-28 Listing Removed — RIS
• 2001-01-02 Listed $319,000 RIS
• 2000-03-22 Listing Removed — RIS
• 1999-11-19 Listed $240,000 RIS
• 1999-06-11 Sold (Public Records) $175,000 Public Records
• 1999-06-11 Sold (MLS) $175,000 RIS
• 1999-05-17 Listing Removed — RIS
• 1999-05-07 Listed $179,900 RIS
• 1992-06-17 Sold (Public Records) $165,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $4,787 · +10.8% YoY. Source: county tax records.